Current Affairs
StanChart's head working in SG for 10 years caught drunk driving
It was reported in the media today (13 Sep) that a global head at Standard Chartered Bank, Cristian Alexander Jonsson, 48, was caught for drink driving after midnight last Thu (5 Sep). Apparently, he had downed about seven glasses of wine at a restaurant in Dempsey Road before driving off.
The Swede, who is a Singapore permanent resident, was fined $2,000 in court yesterday after pleading guilty. He was also disqualified from driving all classes of vehicles for 18 months.
According to his LinkedIn page, Jonsson was transferred from UBS in London to its Singapore office in 2004. He worked as the Head of APAC Bond Syndicate & Hedge Fund Sales for about 4 years before leaving UBS in the middle of the 2008 financial crisis.
One year later in 2009, he managed to secure a position in Standard Chartered Bank in Singapore working as its Global Head of Capital Structuring Distribution Group & Loan Syndications.
Responding to the media if any disciplinary actions Standard Chartered would take against Jonsson, a bank’s spokesperson replied, “We will review the matter in line with our internal policies and procedures. It is inappropriate for us to comment further.”
EDB says to get more Singaporeans to helm MNCs
In 2013, EDB Chairman Leo Yip told the media that his vision is to see Singapore becoming a global business hub with MNCs setting up their command centre here and with Singaporeans at the helm of these firms.
“More companies are increasingly conducting global decision-making activities, such as procurement and brand management, out of Asia,” he said. “The market pull of Asia is increasingly attracting multinational companies… (and) companies are responding and organising themselves to have both regional and global functions here.”
He said EDB would work with these MNCs to help get more locals into top posts.
“If the company brings in a new activity that is leading-edge… to kick off the activity here, professionals from overseas might need to be brought in,” he explained. “But Singapore’s value proposition to these global companies would not be complete without Singaporean skills and talent.”
To that end, a pipeline of local managerial talent is needed to support the international and regional headquarters being set up here. He said EDB is working with companies to develop programmes that will identify locals for key positions.
“The best talent environment is not just about being able to recruit the talent, but also about being able to grow and develop talent here,” said Mr Yip.
In the case of Standard Chartered, it appears that the foreign talent Jonsson has been a head at the bank for the past 10 years. It’s not known why EDB can’t work with the bank to groom a Singaporean to take over this position, as envisaged by the EDB Chairman to have more Singaporeans helming MNCs.
Has EDB failed Singaporeans or perhaps Mr Yip was just saying something nice for our local media to publish?
Current Affairs
Hotel Properties Limited suspends trading ahead of Ong Beng Seng’s court hearing
Hotel Properties Limited (HPL), co-founded by Mr Ong Beng Seng, has halted trading ahead of his court appearance today (4 October). The announcement was made by HPL’s company secretary at about 7.45am, citing a pending release of an announcement. Mr Ong faces one charge of abetting a public servant in obtaining gifts and another charge of obstruction of justice. He is due in court at 2.30pm.
SINGAPORE: Hotel Properties Limited (HPL), the property and hotel developer co-founded by Mr Ong Beng Seng, has requested a trading halt ahead of the Singapore tycoon’s scheduled court appearance today (4 October) afternoon.
This announcement was made by HPL’s company secretary at approximately 7.45am, stating that the halt was due to a pending release of an announcement.
Mr Ong, who serves as HPL’s managing director and controlling shareholder, faces one charge under Section 165, accused of abetting a public servant in obtaining gifts, as well as one charge of obstruction of justice.
He is set to appear in court at 2.30pm on 4 October.
Ong’s charges stem from his involvement in a high-profile corruption case linked to former Singaporean transport minister S Iswaran.
The 80-year-old businessman was named in Iswaran’s initial graft charges earlier this year.
These charges alleged that Iswaran had corruptly received valuable gifts from Ong, including tickets to the 2022 Singapore Formula 1 Grand Prix, flights, and a hotel stay in Doha.
These gifts were allegedly provided to advance Ong’s business interests, particularly in securing contracts with the Singapore Tourism Board for the Singapore GP and the ABBA Voyage virtual concert.
Although Iswaran no longer faces the original corruption charges, the prosecution amended them to lesser charges under Section 165.
Iswaran pleaded guilty on 24 September, 2024, to four counts under this section, which covered over S$400,000 worth of gifts, including flight tickets, sports event access, and luxury items like whisky and wines.
Additionally, he faced one count of obstructing justice for repaying Ong for a Doha-Singapore flight shortly before the Corrupt Practices Investigation Bureau (CPIB) became involved.
On 3 October, Iswaran was sentenced to one year in jail by presiding judge Justice Vincent Hoong.
The prosecution had sought a sentence of six to seven months for all charges, while the defence had asked for a significantly reduced sentence of no more than eight weeks.
Ong, a Malaysian national based in Singapore, was arrested by CPIB in July 2023 and released on bail shortly thereafter. Although no charges were initially filed against him, Ong’s involvement in the case intensified following Iswaran’s guilty plea.
The Attorney-General’s Chambers (AGC) had earlier indicated that it would soon make a decision regarding Ong’s legal standing, which has now led to the current charges.
According to the statement of facts read during Iswaran’s conviction, Ong’s case came to light as part of a broader investigation into his associates, which revealed Iswaran’s use of Ong’s private jet for a flight from Singapore to Doha in December 2022.
CPIB investigators uncovered the flight manifest and seized the document.
Upon learning that the flight records had been obtained, Ong contacted Iswaran, advising him to arrange for Singapore GP to bill him for the flight.
Iswaran subsequently paid Singapore GP S$5,700 for the Doha-Singapore business class flight in May 2023, forming the basis of his obstruction of justice charge.
Mr Ong is recognised as the figure who brought Formula One to Singapore in 2008, marking the first night race in the sport’s history.
He holds the rights to the Singapore Grand Prix. Iswaran was the chairman of the F1 steering committee and acted as the chief negotiator with Singapore GP on business matters concerning the race.
Current Affairs
Chee Soon Juan questions Shanmugam’s $88 million property sale amid silence from Mainstream Media
Dr Chee Soon Juan of the SDP raised concerns about the S$88 million sale of Mr K Shanmugam’s Good Class Bungalow at Astrid Hill, questioning transparency and the lack of mainstream media coverage. He called for clarity on the buyer, valuation, and potential conflicts of interest.
On Sunday (22 Sep), Dr Chee Soon Juan, Secretary General of the Singapore Democratic Party (SDP), issued a public statement on Facebook, expressing concerns regarding the sale of Minister for Home Affairs and Law, Mr K Shanmugam’s Good Class Bungalow (GCB) at Astrid Hill.
Dr Chee questioned the transparency of the S$88 million transaction and the absence of mainstream media coverage despite widespread discussion online.
According to multiple reports cited by Dr Chee, Mr Shanmugam’s property was transferred in August 2023 to UBS Trustees (Singapore) Pte Ltd, which holds the property in trust under the Jasmine Villa Settlement.
Dr Chee’s statement focused on two primary concerns: the lack of response from Mr Shanmugam regarding the transaction and the silence of major media outlets, including Singapore Press Holdings and Mediacorp.
He argued that, given the ongoing public discourse and the relevance of property prices in Singapore, the sale of a high-value asset by a public official warranted further scrutiny.
In his Facebook post, Dr Chee posed several questions directed at Mr Shanmugam and the government:
- Who purchased the property, and is the buyer a Singaporean citizen?
- Who owns Jasmine Villa Settlement?
- Were former Prime Minister Lee Hsien Loong and current Prime Minister Lawrence Wong informed of the transaction, and what were their responses?
- How was it ensured that the funds were not linked to money laundering?
- How was the property’s valuation determined, and by whom?
The Astrid Hill property, originally purchased by Mr Shanmugam in 2003 for S$7.95 million, saw a significant increase in value, aligning with the high-end status of District 10, where it is located. The 3,170.7 square-meter property was sold for S$88 million in August 2023.
Dr Chee highlighted that, despite Mr Shanmugam’s detailed responses regarding the Ridout Road property, no such transparency had been offered in relation to the Astrid Hill sale.
He argued that the lack of mainstream media coverage was particularly concerning, as public interest in the sale is high. Dr Chee emphasized that property prices and housing affordability are critical issues in Singapore, and transparency from public officials is essential to maintain trust.
Dr Chee emphasized that the Ministerial Code of Conduct unambiguously states: “A Minister must scrupulously avoid any actual or apparent conflict of interest between his office and his private financial interests.”
He concluded his statement by reiterating the need for Mr Shanmugam to address the questions raised, as the matter involves not only the Minister himself but also the integrity of the government and its responsibility to the public.
The supposed sale of Mr Shamugam’s Astrid Hill property took place just a month after Mr Shanmugam spoke in Parliament over his rental of a state-owned bungalow at Ridout Road via a ministerial statement addressing potential conflicts of interest.
At that time, Mr Shanmugam explained that his decision to sell his home was due to concerns about over-investment in a single asset, noting that his financial planning prompted him to sell the property and move into rental accommodation.
Mr Shanmugam is said to have recused himself from the decision-making process, and a subsequent investigation by the Corrupt Practices Investigation Bureau (CPIB) found no wrongdoing while Senior Minister Teo Chee Hean confirmed in Parliament that Mr Shanmugam had removed himself from any decisions involving the property.
As of now, Mr Shanmugam has not commented publicly on the sale of his Astrid Hill property.
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